XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Business Segment Information | 3 Months Ended
--- | ---
Sep. 25, 2016
Segment Reporting [Abstract] |
Segment Reporting | 20. Business Segment Information The Company has three reportable segments. Operations and revenues for each segment are described below:
| • | The Polyester Segment manufactures plastic bottle flake, Chip and POY, along with textured, solution and package dyed, twisted, beamed and draw wound yarns (both virgin and recycled), with sales primarily to other yarn manufacturers and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, automotive upholstery, home furnishings, industrial and other end‑use markets. The Polyester Segment consists of sales and manufacturing operations in the United States and El Salvador.
| • | The Nylon Segment manufactures textured nylon yarns and spandex covered yarns, with sales to knitters and weavers that produce fabric primarily for the apparel and hosiery markets. The Nylon Segment consists of sales and manufacturing operations in the United States and Colombia.
| • | The International Segment’s products primarily include textured polyester and various types of resale yarns and staple fiber (both virgin and recycled). The International Segment sells its yarns and staple fiber to knitters and weavers that produce fabric for the apparel, automotive upholstery, home furnishings, industrial and other end-use markets primarily in the South American and Asian regions. The International Segment includes a manufacturing location and sales offices in Brazil and a sales office in China.
In addition to the Company’s reportable segments, the selected financial information presented below includes an All Other category. All Other consists primarily of Renewables (an operating segment that does not meet quantitative thresholds for reporting) and for-hire transportation services. Revenue for Renewables is primarily derived from (i) facilitating the use of miscanthus grass as bio-fuel through service agreements and (ii) delivering harvested miscanthus grass to poultry producers for animal bedding. For-hire transportation services revenue is derived from performing common carrier services utilizing the Company’s fleet of transportation equipment. The operations within All Other (i) are not subject to review by the chief operating decision maker at a level consistent with the Company’s other operations, (ii) are not regularly evaluated using the same metrics applied to the Company’s other operations and (iii) do not qualify for aggregation with an existing reportable segment. Therefore, such operations are excluded from reportable segments. The Company evaluates the operating performance of its segments based upon Segment Profit (Loss), which represents segment gross profit (loss) plus segment depreciation expense. This measurement of Segment Profit or Loss best aligns segment reporting with the current assessments and evaluations performed by, and information provided to, the chief operating decision maker. The accounting policies for the segments are consistent with the Company’s accounting policies. Intersegment sales are omitted from the below financial information, as they are (i) insignificant to the Company’s segments and consolidated operations and (ii) excluded from segment evaluations performed by the chief operating decision maker. Selected financial information is presented below. As described in Note 2, “Basis of Presentation; Condensed Notes,” certain amounts previously reported for the Polyester and Nylon Segments for the three months ended September 27, 2015 have been revised to match the current presentation.
|  | For the Three Months Ended September 25, 2016 |
|  | Polyester |  |  | Nylon |  |  | International |  |  | All Other |  |  | Total |
Net sales |  | $ | 84,685 |  |  | $ | 28,495 |  |  | $ | 45,344 |  |  | $ | 1,445 |  |  | $ | 159,969 |
Cost of sales |  |  | 76,235 |  |  |  | 25,358 |  |  |  | 33,074 |  |  |  | 1,755 |  |  |  | 136,422 |
Gross profit (loss) |  |  | 8,450 |  |  |  | 3,137 |  |  |  | 12,270 |  |  |  | (310 | ) |  |  | 23,547 |
Segment depreciation expense |  |  | 3,108 |  |  |  | 510 |  |  |  | 246 |  |  |  | 252 |  |  |  | 4,116 |
Segment Profit (Loss) |  | $ | 11,558 |  |  | $ | 3,647 |  |  | $ | 12,516 |  |  | $ | (58 | ) |  | $ | 27,663 |
|  | For the Three Months Ended September 27, 2015 |
|  | Polyester |  |  | Nylon |  |  | International |  |  | All Other |  |  | Total |
Net sales |  | $ | 94,606 |  |  | $ | 36,638 |  |  | $ | 29,371 |  |  | $ | 1,550 |  |  | $ | 162,165 |
Cost of sales |  |  | 85,008 |  |  |  | 30,765 |  |  |  | 23,780 |  |  |  | 1,628 |  |  |  | 141,181 |
Gross profit (loss) |  |  | 9,598 |  |  |  | 5,873 |  |  |  | 5,591 |  |  |  | (78 | ) |  |  | 20,984 |
Segment depreciation expense |  |  | 2,851 |  |  |  | 478 |  |  |  | 221 |  |  |  | 152 |  |  |  | 3,702 |
Segment Profit |  | $ | 12,449 |  |  | $ | 6,351 |  |  | $ | 5,812 |  |  | $ | 74 |  |  | $ | 24,686 |
The reconciliations of segment gross profit to consolidated income before income taxes are as follows:
|  | For the Three Months Ended |
|  | September 25, 2016 |  |  | September 27, 2015 |
Polyester |  | $ | 8,450 |  |  | $ | 9,598 |
Nylon |  |  | 3,137 |  |  |  | 5,873 |
International |  |  | 12,270 |  |  |  | 5,591 |
All Other |  |  | (310 | ) |  |  | (78 | )
Segment gross profit |  |  | 23,547 |  |  |  | 20,984 |
Selling, general and administrative expenses |  |  | 11,410 |  |  |  | 10,830 |
(Benefit) provision for bad debts |  |  | (367 | ) |  |  | 613 |
Other operating income, net |  |  | (70 | ) |  |  | (146 | )
Operating income |  |  | 12,574 |  |  |  | 9,687 |
Interest income |  |  | (146 | ) |  |  | (163 | )
Interest expense |  |  | 692 |  |  |  | 984 |
Equity in earnings of unconsolidated affiliates |  |  | (840 | ) |  |  | (2,860 | )
Income before income taxes |  | $ | 12,868 |  |  | $ | 11,726 |
The reconciliations of segment capital expenditures to consolidated capital expenditures are as follows:
|  | For the Three Months Ended |
|  | September 25, 2016 |  |  | September 27, 2015 |
Polyester |  | $ | 7,875 |  |  | $ | 13,973 |
Nylon |  |  | 242 |  |  |  | 563 |
International |  |  | 1,937 |  |  |  | 512 |
Segment capital expenditures |  |  | 10,054 |  |  |  | 15,048 |
Other capital expenditures |  |  | 81 |  |  |  | 827 |
Capital expenditures |  | $ | 10,135 |  |  | $ | 15,875 |
The reconciliations of segment total assets to consolidated total assets are as follows:
|  | September 25, 2016 |  |  | June 26, 2016 |
Polyester |  | $ | 256,130 |  |  | $ | 243,105 |
Nylon |  |  | 62,358 |  |  |  | 63,141 |
International |  |  | 81,309 |  |  |  | 73,650 |
Segment total assets |  |  | 399,797 |  |  |  | 379,896 |
Other current assets |  |  | 9,874 |  |  |  | 6,674 |
Other PP&E |  |  | 16,245 |  |  |  | 16,597 |
Other non-current assets |  |  | 4,818 |  |  |  | 4,863 |
Investments in unconsolidated affiliates |  |  | 117,239 |  |  |  | 117,412 |
Total assets |  | $ | 547,973 |  |  | $ | 525,442 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration